Hi has anyone had recent experience of RCI's policy if you enter into an iva? I cant find any posts since 2009. We have a car finance with HP through RCI with 1 year down and 4 to go. I'm stressing to see if they will take the car if we enter into an IVA although the payments are allowed for in the expenditure. I'm afraid to phone them in case I draw attention to myself although I know they'll have to find out
Hi! I don't have experience of this but would be tempted to leave well alone as you said. It has been a year after all and they haven't done anything. Congrats on your first year x
No sorry you've misunderstood. We are about to enter into an IVA but have had our HP with RCI with 4 years to go. It says in our agreement that they have the right to terminate the agreement and no one seems to know if they will or not. Part of me is desperate to know so we can plan ahead but the other thinks I shouldnt contact them. I read a 2009 post from someone who got a letter saying they would take the car but they were eventually allowed to keep on making the payments. I just cant find anything recent and this is all so scary
has anyone recently had their HP car repossessed through doing an IVA? we are with RCI as I said but would be interested to know how often this happens even with other companies. Trying to prepare myself
Hi I'm in an IVA and my car is on HP, It's ok to keep your car, I just rang once the IVA was set up explained the situation, and the person I spoke to was great and IVA company didn't say I couldn't keep my car, I need it to get to work, hope you get the same response I did, and good luck with the IVA, we are just coming into our 4th year 12 months to go xxx
Hi Yes the IVA co are saying its fine and will allow for the HP payment in our expenditure. The advisor I spoke to just put the fear into me when she said to check our agreement as they have a right to terminate the agreement if we enter into an arrangement with creditors and right enough it is there. I'm going to have to pluck up the courage to phone and ask their policy as the advisor has said she has seen cars be repossessed although has not any experience with RCI. I found a post on this forum from 2009 where someone did get a letter from them saying they were lifting the car but their Hp was only 2 months old whereas ours is just over a year. I'm finding this all so stressful at the minute I think its the fear of the unknown and I know we need to do it but I live and breathe IVAs and spend all my free time trawling this forum- its really not healthy
Still havent plucked up the courage to phone and see if our HP company will let us keep the car. Just bumping this up in case any new posters to the forum have experience of RCI's policy on this. I really need to know but I just cant bring myself to phone.
My own experience tells me that more and more HP companies are seeking to terminate IVA agreements upon the entering into of an IVA, regardless of whether proper provision is made for the ongoing IVA payments, but this does not necessarily mean that they can actually grab the cars.
I am addressing this issue with the Finance and Leasing Association, in an attempt to understand why these companies would rather have a stock of second hand cars on their hands rather than regular ongoing payments which have been prioritised in the IVA proposals.
Hi, finding myself in a very similar situation with having a year paid on HP and 4 left, and entering into a IVA, please could you let me know how it went for you? It would be appriciated.
Thankyou
Sat Feb 20, 2021 3:06 pmJoshwah wrote:
Hi, finding myself in a very similar situation with having a year paid on HP and 4 left, and entering into a IVA, please could you let me know how it went for you? It would be appriciated.
Thankyou
Joshwah -- this thread is 8 years old. I suggest you start your own thread from scratch.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
